Mortgage Applications Surged Last Week as Rates Fell: MBA

Applications for home mortgages rebounded last week after three straight weeks of declines as interest rates tumbled, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 14.8 percent in the week ended March 1. The index hit its highest level since mid-January.

The MBA's seasonally adjusted index of refinancing applications also rose 14.8 percent. The gauge of loan requests for home purchases, a leading indicator of home sales, accelerated 15 percent.